The EIF and Bulgaria have launched a fund of funds to help local businesses access equity finance using EU resources. This has become possible thanks to the Recovery and Resilience Facility, created by Regulation (EU) 2021/241, which aims to boost economic growth, enhance sustainability, and promote digital development.
Following the approval of the Council of the EU in April 2022, Bulgaria - represented by the Ministry of Innovation and Growth - allocated up to €180 million to equity funding instruments under its Economic Transformation Programme. In December 2022, Bulgaria entrusted the EIF with the management of these resources under the Recovery Equity Fund of Funds (REF).
Mandator
REF Bulgaria
Investment focus
The REF invests into underlying funds managed by financial intermediaries (fund managers) that are selected according to the EIF’s standard procedures through the call for expression of interest as further described below. Underlying funds could be national or regional, new or existing, and should commit to invest into Bulgaria at least the equivalent of the contribution received from REF.
The policy objective of the REF is to provide access to finance to Final Recepients in the form of equity or quasi-equity investments through three windows:
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an Innovation Window - with an initial budget of up to € 67.5 million - to increase companies’ innovation capacity and accelerate their productivity improvements towards a knowledge economy;
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a Growth Window - with an initial budget of up to € 67.5 million - for further development and the growth of companies;
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an Infrastructure Window - with an initial budget of up to € 27 million - targeting investments that primarily contribute to climate neutrality and accelerate the green and digital transition in priority sectors.
The REF does not invest directly in businesses. The underlying investments in portfolio companies will be carried out via the REF's selected fund partners.
How to apply
The EIF selects financial intermediaries based on a standard application and evaluation process including due diligence. Please carefully read the call for expression of interest document and check the eligibility criteria before applying.
Update: The deadline for submission of applications under the Infrastructure Window (only) has been extended until 31 July 2026. Financial intermediaries interested in applying under the Infrastructure Window are invited to consult the Call documents below for further information.
Deadline for applications for the Infrastructure Window (only): 31 July 2026
Please note that the calls for the Innovation Window and Growth Window are not extended and remain closed in line with the initial application deadline of 31 August 2025.
Applications (and clarification questions) must be sent solely by email to the REF Bulgaria team here.